.The Texas Energy Report

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.The Texas Energy Report

ERCOT Emergency Alert Cancelled After 2 Hours, Prices Briefly Top $9,000/MWh, Reliant Asks for More Conservation

August 13, 2019

Reliant Energy is asking its Texas customers to continue conserving electricity through Thursday, after power prices spiked above $9,000/MWh and an emergency action declared by ERCOT on Tuesday afternoon was cancelled after less than two hours….
 

Comstock Resources 2Q Results Continue Jerry Jones Influence

August 13, 2019

Comstock Resources‘ second quarter financial and operations results continue to feature contributions from the 2018 merger of properties from Dallas Cowboys owner Jerry Jones.

The North Texas billionaire contributed Bakken Shale properties to the company in exchange for a controlling interest while it refinanced its long-term debt.

Following are highlights Comstock’s press release on quarterly and half-year results:

For the second quarter of 2019, Comstock reported net income of $21.4 million or $0.20 per diluted share as compared to a net loss of $34.0 million or $2.22 per share for the Predecessor second quarter of 2018. The second quarter 2019 results included an unrealized gain from derivative financial instruments held to manage oil and gas price risks of $12.8 million and Covey Park merger related transaction costs of $1.4 million. Excluding these items, the net income for the second quarter of 2019 would have been $12.7 million or $0.12 per diluted share….
 

Contango Complete 2Q Financial Results and Operations Update with Charts: Press Release

August 13, 2019

Contango Oil & Gas Company (NYSE American: MCF) (“Contango” or the “Company”) announced today its financial results for the second quarter ended June 30, 2019 and provided an operational update.

Second Quarter Highlights

  • Production of 2.9 Bcfe for the quarter, or 32.3 Mmcfe per day, approximate mid-point of guidance
  • Net loss of $5.0 million and EBITDAX of $4.4 million for the quarter. Adjusted EBITDAX of $3.1 million for the quarter, or $4.1 million when excluding non-recurring items described herein
  • 17% decrease in general and administrative (“G&A”) costs for the quarter, or a 35% decrease when excluding non-recurring items described herein
  • Drilled three wells in Pecos County, TX in the Southern Delaware Basin and a fourth well in July
  • Sequential completion operations commenced in July on two wells (including one previously drilled in 2018), and is expected to commence in September for the remaining three wells

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Houston’s Lilis Energy 2Q Financial & Operating Results: Press Release

August 13, 2019

Lilis Energy, Inc. (NYSE American: LLEX), an exploration and development company operating in the Permian Basin of West Texas and southeastern New Mexico, today reported financial and operating results for the second quarter of 2019.

Second Quarter 2019 Highlights

  • Increased net sales production volumes by 32% to 6,341 Boepd, including a 50% increase in crude oil production to 3,925 Bopd, for the three months ended June 30, 2019, as compared to the same period in 2018
  • Decreased net loss to $8.6 million, or $0.09 per share for the three months ended June 30, 2019, from $33.7 million, or $0.53 per share for the same period in 2018

    • ….
     

Democratic presidential candidates express anti-oil agenda

By Alex Mills

 

August 8, 2019

Energy policy no longer has a place in the debates among Democrat candidates for President. The buzz words for Democrats today are “climate change,” “environmental justice” and the “Green New Deal.”

Crude oil, natural gas, coal and nuclear are not a part of the platforms of the 20-something Democratic candidates. Not even the two candidates from Texas – Beto O’Rourke and Julian Castro – have any mention of oil and natural gas on their official webpages. O’Rourke does say he would stop granting federal leases for development of fossil fuels, and develop funding ($5 trillion) for climate change investments and “economic diversification.” Castro’s webpage has no mention of energy or climate change.

During the recent second round of debates last week, former Vice President Joe Biden was asked by the moderator if there would be “any place for fossil fuels, including coal and fracking” in his administration and he replied “no.”

Biden, the leading contender in the polls, does devote a lengthy discourse on his webpage discussing his policy “ensuring the U.S. achieves a 100 percent clean energy economy and net-zero emissions no later than 2050.” To achieve this very lofty goal, Biden says he will issue executive orders, seek legislative remedies, establish “enforcement mechanisms,” and make “historic investment in clean energy.” Those enforcement mechanisms include “action against fossil fuel companies and other polluters who put profit over people.”…
 

Pin Oak Corpus Christi Announces Interconnection to EPIC and Red Oak Pipelines: Press Release

August 7, 2019

Pin Oak Corpus Christi, LLC (Pin Oak) has announced material updates to its growing terminals business in the Corpus Christi market, including new interconnection agreements with EPIC Pipeline and Red Oak Pipeline and commencement of construction on its new crude oil trading hub at Taft (Taft Terminal). The Taft Terminal will complement Pin Oak’s Corpus Christi Terminal, an approximately 4 million bbl storage facility with export-capable Suezmax and MR docks set to commence operations in 4Q19….
 

Phillips 66 Partners Announces 2Q Earnings of $233 Million

August 7, 2019

Phillips 66 Partners announces second-quarter 2019 earnings of $233 million compared with $198 million in the first quarter of 2019. Cash from operations was $276 million. Adjusted EBITDA was $319 million in the second quarter, compared with $281 million in the prior quarter.

The improvements are due to increased volumes on the Explorer, Bakken and Bayou Bridge joint venture pipelines, as well as increased volumes on wholly owned pipelines, driven by higher utilisation at refineries operated by Phillips 66….